Greetings from the Chair.
We have been faced with the worst of the pandemic that has sickened 29 million Americans and claimed the lives of 525,000 Americans. While we are not out of danger yet, the numbers of patients getting sick and dying from Covid-19 are decreasing every day, and three effective vaccines have been released. Nearly 60 million Americans (18.1%) have been vaccinated, which is more than twice the number of sick patients. While this pandemic has given us a lot of reasons to be unhappy with the state of the world, it has also brought into focus several trends that were already happening in the world.
Let me discuss four trends that have arisen from the ashes of this tragedy, these trends are also the seeds for a new economy.
1. Millennials have overtaken baby boomers as the highest spending segment, with $1.4 trillion spending dollars, lower brand loyalty, and higher desire for quality products delivered quickly over the internet. This new generation of consumers is more likely to purchase goods that come from sustainable manufacturing, and have greater acceptance of products advertised as having natural ingredients from an increasingly global marketplace. Millennials will inherit over $68 trillion dollars from their Baby Boomer parents by the year 2030, making them the wealthiest generation in US history.
2. Internet sales, which were increasing anyway, were given a boost to 32% in Q4 of 2020 when people feared to go outside shopping. This rise gives an opportunity for smaller companies, who can sell their quality products over the internet, to compete with larger companies that still mainly sell their products in brick and mortar stores.
3. Education was already being provided partly online prior to the pandemic, education is now being provided entirely online by many schools across the nation. This gives smaller institutions parity with larger institutions, and could end up lowering the cost of education, and enlarging the options available to students.
4. The loss of jobs for nearly 20 million Americans has resulted in many people going back to school to get retrained for the jobs of the future. Many of the new jobs will be tied to the growth of the internet economy, that is projected to grow even more as a result of COVID.
In conclusion, I believe that the future is promising for the educators and entrepreneurs who know how to navigate the internet, and manufacturers who can provide quality consumer products for sale over the internet. Before April 1, I hope that I will lucky enough to receive the first vaccine shot. By that time, you will have been a part of the MASSC Wine, Chocolate Chemistry tasting webinar scheduled for Wednesday, March 24, 6-7PM. Keep looking out for news about more talks and meetings that are being planned as the year progresses.
My goals for the members of the Mid Atlantic Chapter are threefold:
1) Increase the recognition of the society of cosmetic chemists among the younger generation who will be a part of our workforce, in time for 2030, when the economy is projected to grow from $19 trillion to $31 trillion and 7 out of the top 10 economies will come from emerging markets.
2) Provide online education to our members that will keep them current with our changing marketplace
3) Provide opportunities for networking that will improve the growth potential of our members.
Welcome to a new year of opportunity!
To learn more about COVID-19 and preventive measures please click the link below.